Singapore’s economy expanded by 4.4 per cent in 2024, up from an earlier 4.0 per cent advance estimate, according to the Trade and Industry Ministry (MTI).

The growth is faster than the 1.8 per cent expansion in 2023, mainly driven by wholesale trade, finance and insurance, and manufacturing sectors.

“In particular, the electronics cluster of the manufacturing sector and machinery, equipment and supplies segment of the wholesale trade sector grew robustly on account of the upturn in the global electronics cycle,” MTI said in a statement following the release of the Economic Survey of Singapore 2024 report.

The economy expanded by 5.0 per cent year-on-year (y-o-y) in the fourth quarter of 2024 (4Q 2024), moderating from 3Q’s 5.7 per cent.

The city state’s 2025 external demand outlook remains broadly unchanged, with overall GDP growth in its key trading partners expected to ease from 2024 levels.